China-Pakistan sign host of deals under CPEC during PM Imran Khan's visit

China and Pakistan firmed up ir cooperation under USD 60 billion CPEC by signing a host of agreements on Sunday, including upgration of a Karachi-Peshawar railway line, launching of second phase of Free Tre Agreement and establishment of a dry port.

agreements were stated to be part of next phase of China-Pakistan Ecomic Corridor (CPEC).

Pakistan Prime Minister Imran Khan who came here to attend China's second Belt and Ro Forum (BRF) on April 25 met Chinese Premier Li Keqiang on Sunday during which y signed an agreement to build a double railway track from Karachi and Peshawar, Pakistan's state-run Rio Pakistan reported.

railway agreement is titled "Declaration for Completion of Preliminary Design of Phase-I for Upgration of ML-1".

BRF was held here from April 26-27 to highlight China's trillion-dollar Belt and Ro Initiative (BRI) in which CPEC, connecting China's Xinjiang with Pakistan's Gwar port and covering about 3,000 kilometres, is a flagship project.

India protested to China over CPEC as it is being laid through Pakistan-occupied Kashmir (PoK).

As per previous reports, to build Karachi-Peshwar railway line covering a distance of over 1,680 kilometres, China would provide USD 8.4 billion funding for it as part of CPEC projects.

Soon after he came to power in August last year, prime minister Khan's government expressed concern over huge amount and Railway Minister Sheikh Rashid said it would be slashed by USD two billion to reduce debt burden.

During Khan's first visit here in vember, China agreed to extend CPEC projects towards western regions of Pakistan, following criticism that most of projects were garnered by dominant Punjab province.

China said about USD 19 billion have been spent so far under CPEC projects mainly relating to energy and power generation.

Recently, Chinese Foreign Ministry while dispelling concerns over debt burden of CPEC projects said only less than 20 per cent were based on loans provided by China and rest of 80 per cent ventures are eir directly invested by Beijing or use Chinese grants.

Pakistan is going through an acute balance of payments crisis and Khan on Saturday met IMF Chief Christine Legarde to discuss bailout pack.

cash-strapped country has alrey received several billions of dollars in funding from Saudi Arabia, UAE and China to meet present ecomic crisis.

monetary details of agreement to build railway line were disclosed. Rashid is part of Khan's delegation visiting China.

Rashid was quoted in a Pakistan magazine that it would be an 1,800-kilometer-long double track with fencing and bridges and a game-changing initiative for Pakistan's ecomy.

Rashid said Main Line-1 (ML-I) from Peshawar to Karachi via Lahore would be upgred under CPEC which includes upgration of entire railway line and would be completed in next five years.

A report in Pakistan daily Dawn quoted Rashid as saying that speed of trains on new track will be around 160 kmph.

China and Pakistan also singed an agreement to launch second phase of Free Tre Agreement (FTA) under which China will open up 90 per cent of its market for Pakistani goods in an effort to dress tre deficit which stood at USD 9.7 billion last year.

While China exported goods worth USD 11.45 billion, Pakistan's exports to China were valued at USD 1.744 billion last year.

It is estimated that new FTA would increase Pakistani exports by USD 500 million. agreement is being concluded after protracted negotiations spanning over nearly seven years, said  media reports in Pakistan.

two sides also signed an agreement to establish a dry port at Havelian city in Khyber Pakhtunkhwa province. It is located in  Karakoram highway connecting China and Pakistan.

or agreements signed on Sunday included an MoU on cooperation in field of marine sciences between China Geological Survey (CGS), Ministry of Natural Resources of China, Institute of Oceagraphy, Ministry of Science and Techlogy.

Also an MoU between China International Development Cooperation ncy (CIDCA) and Ministry of Planning, Development and Reform on implementation of projects under joint working group of CPEC on socioecomic development.

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China-Pakistan Ecomic and Technical Cooperation Agreement for Rashakai special ecomic zone joint venture.

Later in day while dressing Pak-China Tre Investment Forum, Khan said BRI h "become much more than Chinese leership h imagined".

About his talks with President Xi Jingping he said, "I am happy we talked about getting help from China in science and techlogy. We want to establish an elite university for eight subjects where china has excelled".